The interest rate is variable and calculated on a daily basis on the balance in the account. Interest can be credited to your account or paid annually into a suitable bank/building society account or suitable Monmouthshire Building Society account following the close of business on 31 March each year.

The conditional bonus rate is calculated on a daily basis on the balances held during the lifetime of the account.

The conditional bonus of 4.00% AER/Gross will be paid to you upon account closure, provided you enter into an owner occupied Monmouthshire Building Society mortgage within five years of opening the account.

For details of the current interest rates, please see our Interest Rates poster.

You can apply online or simply complete an application form and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the applicant(s) name.

All applicants are to attend a face to face/telephone interview with a Monmouthshire Building Society mortgage adviser before the account can be opened.

When you apply to open an account with us, we'll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.

Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information please see our FAQ's, and to register, please click here.

Up to four withdrawals are allowed during the year ending 31 March. Any transfers to other Monmouthshire Building Society savings accounts are classed as withdrawals.

If you make a fifth withdrawal in any year (ending 31 March) we will give you two months written notice following which we will close the account.

If a withdrawal reduces the balance to less than the minimum balance required of £20, you will have 30 days from the date we issue you with a notice to bring the balance up to the minimum. If after the notice period has lapsed the balance remains below the minimum, we may close your account without further notice.

Withdrawals of up to £500 in cash per day and larger amounts by cheque may be made from any of our branches or agencies on demand, subject to withdrawal limits. For more information about withdrawal limits please see out FAQ's page.

You can also make withdrawals via the Faster Payments service - this is free of charge for any UK payment transaction up to £100,000 (with a minimum withdrawal of £500). If we receive your instructions before 2.00pm on a working day (excluding Saturdays) we will send your payment and debit your account on the same day. Requests received after 2.00pm will be processed the following working day. Requests taken on a Saturday will also be processed the following working day.

From 6th April 2016 personal savings account interest will be paid gross, which means that interest will be paid without tax being deducted. This will form part of your new Personal Savings Allowance:

Basic rate tax payers will not pay any tax on the first £1,000 of savings income earned.

Higher rate tax payers will not pay any tax on the first £500 of savings income earned.

Additional rate tax payers will pay tax on all savings income earned.

You will only need to pay tax on any savings income you earn above your Personal Savings Allowance. The new Personal Savings Allowance applies to the total savings income you earn from all banks/building societies and not just from Monmouthshire Building Society. Visit HMRC website for more information.

1 - EligibilityThe First Home Bonus Saver Account is only available to those people aged 18 or over who are looking to purchase an owner occupied home within five years of opening the account. For joint accounts, the maximum number of account holders is two.

If you have not completed on a Monmouthshire Building Society (MBS) owner occupied mortgage on or before the fifth anniversary of opening the account, your account will automatically convert to an Escalator Instant account or equivalent instant access account and no bonus will be payable. Upon completion of the MBS mortgage, the account will be closed.

You may only open one First Home Bonus Saver account which can either be in your own name or held jointly with up to one other person.

All account holders are to attend an advised face to face / telephone interview with a Monmouthshire Building Society mortgage adviser before the account can be opened. The opening of an account does not guarantee a mortgage offer will be made. All Monmouthshire Building Society mortgages are subject to eligibility, underwriting and criteria.

3 - Further InvestmentYou or any other person who is authorised may add to your savings at any time, just call into your local branch or agency office with your passbook and deposit. If it is more convenient you can post it or save through a standing order from your bank account. Credits into the account can be made monthly by standing order (minimum £20 per month and maximum £500 per month per account holder) and / or you may deposit monies into the account at any time.

4 - WithdrawalsYou can make up to 4 withdrawals each year (ending 31 March) from your account subject to the limits of the branch or agency office you use. If you make a fifth withdrawal in any year (ending 31 March), your account will be closed. Details of our cash and cheque withdrawal limits are displayed in our branch offices, our Head Office or click here to see our FAQ's.

Transfers to another Society account, and withdrawals of interest and bonus added to the account, will be treated as normal withdrawals under the terms and conditions of the account.

5 - InterestThe interest rate is variable. Interest is calculated on a daily basis and can be paid net or gross to non-tax payers. Interest can be credited to the account or paid annually into a bank account (or other suitable Society account) following the close of business on 31 March each year. Details of the current rates can be found here.

6 - BonusIf you complete on an owner occupied Monmouthshire Building Society mortgage within five years of opening the account, a bonus will be paid, calculated on a daily basis, equivalent to 4% Gross / AER of the balances held during the lifetime of the account. This bonus will be credited upon account closure.

7 - Terms and Conditions These Specific Terms and Conditions apply to this account in addition to the Monmouthshire Building Society's General Terms and Conditions for Savings Accounts. Where there is any inconsistency between the General Terms and Conditions for Savings Accounts and the Specific Terms and Conditions, the Specific Terms and Conditions will apply.

Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052. FCA register address www.fca.org.uk/register/. We are members of the Financial Services Compensation Scheme. We are members of the Building Societies Association and Council of Mortgage Lenders. Details of our Customer Satisfaction and Complaints procedures are available and complaints that we cannot resolve may be referred to the Financial Ombudsman Service (http://www.financial-ombudsman.org.uk/). By accessing any part of this website, you shall be deemed to have accepted our Website Terms of Use.